Life...Fun and Kentucky Real Estate

Our closer said, "I've never seen this happen in FORTY years!!"

Well, it happened to us today!  My buyers (who have the worst lender known to man...but that's for another post) finished signing all the paperwork on their beautiful, new home. They enjoyed chatting with the seller while the closer went to make copies of the driver's licenses.

Then, the closer came back. "Your license expired July 4," she said to one of my clients.  My client had not thought about it much.  She and her husband moved here from out of state early this month, have been staying with relatives, and closing was set for July 23. They would get new licenses then.  "The underwriter will NOT ALLOW THIS FILE TO FUND until you get your license."

OK, one license coming up.  I let my buyers follow me to the local licensing agency. Thankfully, it is not too far away from the title company.  "Have you had your cars registered for the state of Texas?" asked the Department of Public Safety lady.

"No, " my client answered. 

"You have to do that before we can issue you a license."  And since her license is expired, my buyer will have to take a written exam and driving test as well. After passing the written test, she can schedule a drivers test, but that could take up to a week to get an appointment.

LONG story short, my client has scheduled a flight back to her home state to get her license renewed. She will then send a fax of her new license to the title company. I cannot believe she cannot do this long distance, but apparently once you turn 65, there is a vision screening required to renew the license. This was her lucky year. 

I am just sick that my clients are having to go through this horrific experience.  Why didn't the lender, underwriter...let them know this would be a problem over a week ago when the file went to underwriting??

It will all work out in the end. It always does.  And I can't ever say my job is boring!! ;) 

 SO, FYI--you just might want to check your license PRIOR to closing!!!

SONJA PATTERSON with RE/MAX REALTY CENTER 13611 Skinner Rd. Cypress, TX 77429 281.213.6200 or 713.303.9463

Times are stressful right now for most.

There's no hiding that.

So any way we can 'reduce' stress is a benefit to our lives.

I ran into someone last week who I had been friendly with a few years ago when he worked at a different brokerage. We often bounced around ideas or situations, and always looked for positive angles to approach any challenges. He and his wife even went out for dinner with me and my wife one time, and we enjoyed the company a lot.

Well, cut to July 2010.

I have a potential deal with this Realtor, and had to drop something off at his office last week. This is the NEW brokerage he chose to go work for about a year ago.

As I walked in, it was a good 20 seconds before any of the 6 agents in the open-desk layout looked up to acknowledge my existence.

"Can I help you?" I finally heard. (Sternly !)

"Yes thank you, I'm here to see Jim Smith" - I said (WITH A SMILE :o)

Without replying, the agent got up from her chair and walked into the back room.

A few minutes later Jim Smith (not his real name ;o) came to the front of the office...

"Hi! You have that document?" Was the rather short greeting, and barely a wry sort of something that could be mistaken for a smile on his face !

This was not the same person that I knew just two short years ago. I had actually been sort of excited to stop by and chat with this guy again, and thought he would at least be pleasant after we had helped each other, and had a few laughs years before.

Nope. Short and sweet. Well not so sweet actually.

... and we had never had any type of conflict or fallout by the way - we just lost contact.

Maybe he was having a bad day I thought. Maybe he was just too busy ...  (to be pleasant ;o).

Or maybe, after stopping by again today and getting almost IDENTICAL treatment from him and his co-agents, maybe he aligned himself with an agency whose agents are generally cranky, snippy and antisocial !!

... sounds like the type of agency I'd want to switch to right ?!?!?!?!?

Anyway, my point for this post is simply this. If you surround yourself by Negative Nellies, and Grouchy Grahams it almost certainly will rub off on you too in some fashion !

... which in turn will create stress for you, your family, and those that you truly care about around you !

 

Almost every office has a handful of those complainers - DONT HANG OUT WITH THEM !!!!

... and the same goes for your social circle too ! Our spare time is so PRICELESS these days, that you dont want to waste it going to dinner with someone who is going to suck all the energy out of you, by complaining the entire dinner about how bad his job, his health and the government is !

Life is SOOOO short Peeps !!!

Surround yourself by people who make you smile, or have great work ethic, or a positive way to look at challenging times. THOSE are the people to ask to go for lunch, or grab a coffee, or bounce something around with.

Jim Smith used to be one of those people, until he got involved with Nellie and Graham!!!!

Good Luck and try and Stay Positive out there !!!!!!

 

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>> Dont miss other upcoming blog entries from "ThatBritishAgent" !

Home Buyers, Don't be Offended... Just get Pre-Qualified. 

Save Yourself Some Time.  It Really Is For Your Own Good.  

 

I've "lost" more showings due to one particular reason, more than any other.  In fact, 90% of the time if I "lose" a showing, it's due to this reason.  A buyer does not want to get pre-qualified. 

 

 

I live and work in an area that is abundant with folks that are:

• hard working,

• resilient,

• bill-paying,

• been doing business with the local bank all their life,

• never been turned down for a loan,

• got good credit,

• family been here forever, may even own half the town...
  

                                                                         .....kind of people. 

 

I know these things.

 

When they call about looking at a home, they'll tell me these things.  

I know, I come from a family that was the same way. 

The salt of the earth, that's what my area has. 

 

I love Southeast Oklahoma and I wouldn't want to live anywhere else. 

 

 

 

 

 

 

 

 

 

 

 

BUT things have changed over the years.  Some of those changes have come about more recently,

 

• like since you bought your home about 15 years ago..
  
• or that last 40 acres you added onto the place 4 years ago.
  
• They've even changed since you helped your daughter and new son-in-law buy their place 18 months ago.
• Or if you have never bought a home...it doesn't matter that grandpa's got money in the bank unless grandpa is going to co-sign your loan, or give you some of his money.  His good credit does is not an inherited asset that he will pass to you.
  

SO PLEASE DON'T BE OFFENDED when I say to you,

  "There's one thing that the seller has requested I get before I show you the house.  I need a copy of your pre-qualification letter from a lender". 

 

Like I said, don't get offended.  Nothing personal. I have to say that to you, make that request, or I wouldn't be doing my job. 

• I want to show you the house. I love showing houses.  I love my job.  I love helping folks buy a home.

• You want to see the house (or at least you say you do).  You say you are seriously shopping for a home.  You say you are going to buy one.

So why do you not want to get a pre-qualification letter?   Do you believe that I doubt that you can borrow the money?  Is that the way you're going to take it,  as an insult?

THAT'S NOT IT.

 

If you've turned the tv on to a news broadcast during the last year or picked up a newspaper and read more than the headlines... well even reading the headlines might do the trick...

you should have figured out that the lending situation, including credit score requirements, down payment requirements, assets to close, etc etc have all gotten more difficult than it used to be.

 

Even your local bank where a hand shake got the deal done will take a lot more than that now.  The documentation that your loan officer is going to ask you for, quite frankly is proably going to surprise you.

Now you ask me, "How is getting a pre-qualification letter going to save me time?"  and "Why do you, the real estate agent, or the sellers want me get one?"

First question - How will it save you time? 

• If you're serious about buying, you're going to have to get a loan.  Getting a pre-qual letter from a reputable lender... a lender that you WOULD borrow money from.. is the first step in that process.  The lender will check to see if you're credit worthy.  When you find a home that you want, most financing supplementals to contracts default to a 10 day period to get pre-approval on your loan.  Of course all things in a contract are negotiable but the seller is probably not going to want to allow much more time than that when/if they accept your offer.  That 10 days can go by fast and you're going to have a lot on your mind at that time, like inspections, appraisals, moving... "  If you're serious about buying a home, then act like it and get a pre-qual letter. Get the ball rolling for a loan pre-approval. It's just a matter of tending to your business.

• Second Question - Why do I and the seller want you to do it?  See the the paragraph above...  If you're serious about buying a home...  why would I want to take my time to show you homes if you're not serious?  There are only so many hours in the day and we're all limited, please don't waste mine.  I'll go out of my way to help you with your transaction.. to the nth degree.. if you're serious about purchasing.  BUT you gotta' do your part...get the pre-qual letter.    The seller wants you to because they are going to make sure that the home is ready for you to look at and are going to have you, a stranger, in amongst their stuff.  Getting pre-qualed tells them that you are a serious buyer and not just a lookey-loo wanting to see how they live or because you're curious and you've always wanted to see the inside of that house. A buyer with a pre-qual letter is probably going to get their offer looked at in a better light.  :)

Now you tell me, doesn't it make sense to get at least a pre-qualification letter before you start looking at homes? 

Pre-qualification letters are the best way to get scheduled to see the homes that you want to see and in a timely manner.  They are an excellent boost to getting your offer taken seriously when you do find the perfect home, investment property, or land. They probably will help you get a seller to take an offer more seriously.

Got that pre-qual letter?  Want to look at that house today?  Call me... I'll be more than happy to show it to you.

Some photos courtesy of Morguefile.

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I love sharing Southeast Oklahoma with you.  The Country Life in Southeast Oklahoma is written to highlight our great area of Oklahoma, whether it's the beautiful scenery, the wonderful people, a happening or event, or maybe a restaurant or business that just does a great job. 

Southeast Oklahoma is endlessly varied and has so much to offer.  It's my desire to bring those things out.

Got an idea for a post or have something that you want to share about Southeast Oklahoma?  Contact me either by email, a phone call, or in the comment section. I'd love to hear from you

Join me in Southeast Oklahoma, where life usually moves at a little slower pace, the people are wonderful, the landscape can be breathtaking. 

We love where we live!  Call me and let's visit about McCurtain County or Choctaw County.  The "fartherest southeast you can go in Oklahoma and still be in Oklahoma."

We are SOUTHEAST OKLAHOMA.

 

Judi Barrett, Broker, Integrity Real Estate Services, Office Address:  RR 5 BOX 126, IDABEL, OK 74745  580-212-5946

Our Name Says It All.
Real Estate Services You Can Trust.

Fannie Mae Tightens Up on Appraisals 

Since the new appraisal rules went into effect last year there has been a noticeable decline in the quality of some of the work that has been turned out by appraisers.  This has been largely due to the fact that local knowledge of the market has been put on the back burner and, in its place, has been the goal of getting the job done as cheaply as possible. 

The net effect has been third party companies hiring appraisers from up to 100 miles away.  This, of course, negates any chance of their being familiar with the neighborhood that the property is actually in. 

Now it appears as though Fannie Mae has taken notice and has not liked the looks of some of the appraisals on mortgage loans sold to it by lenders.  As a result, they have just issued some new, more stringent requirements. 

The new language specifies that appraisers must have the "requisite knowledge" along with experience and the correct data to perform an appraisal.  This, after much concern has been expressed by industry professionals as to exactly how appraisers are currently being selected.  More detail on this via the Chicago Tribune. 

Fannie has also said that appraisal reports must now include more photos, including interior shots of the kitchen, main living area, all baths and any examples of physical deterioration and or updating that have taken place in the home. 

The tightening up of standards is definitely a step in the right direction.  Appraisals should not be compromised in an attempt to get them done cheaply. 

We all know that far too much is riding on the accuracy of the residential appraisal.

 

Copyright 2010 "Fannie Mae Tightens Up on Appraisals"

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Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230

Find the Right Buyer Broker in MetroWest Massachusetts

MLS Property Search With No Registration Required 

               

 

Do you play GUESSING GAMES with your potential buyers?

Three guesses . . . How does this room work? 

Pool Table?  Nope.

Master Bedroom?  Nope

Living Room?  You're getting warmer . . .

OH!!!  IT'S A LIVING DINING COMBO!

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Three guesses . . . How does this room work?

Bedroom?  Nope

Exercise Room?  Nope

A Den?  Nope

OH!  IT'S A LOFT AND READING NOOK!!!

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Three guesses . . . How does this room work? 

An exercise room?  Nope

A bedroom?  Maybe

A playroom?  Maybe

OH!  IT MAKES A GREAT HOME OFFICE!!!

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Three guesses . . . How does this room work?

A bathroom?  Whoo Hoo 1 out of 4!

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Three guesses . . . How does this room work?

A Kitchen?  RIGHT!  hmmm, What gave it away?

______________________________________________________________________________________

Three guesses . . . How does this room work?

A Family Room?  nope.

A Dining Room?  nope.

A Bedroom?  you're getting warmer.

OH!  IT'S A MASTER BEDROOM!

 

ARE YOU LEAVING YOUR POTENTIAL BUYERs PLAYING GUESSING GAMES? 

OR ARE THEY SCHEDULING APPOINTMENTS TO SEE YOUR BEAUTIFUL HOME?

 

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This beautiful In-Town Atlanta home was professionally home staged by Peachtree Home Staging

__________________________________

 

Peachtree Home Staging The Experts in Atlanta Home Staging Diversity

How folks live in a home is their business, how folks present the home for sale is our business!

For tips on how to prepare your home for sale and information on staging a home in Atlanta, visit the web site of PEACHTREE HOME STAGING or call us at 770 595-8809.

Terrane Ridge, Peachtree City <> 41 Marietta St., NW #1511, Atlanta, GA <> Preakness Dr., Roswell 

We do occupied and vacant home staging with professional perfection!

Peachtree Home Staging is a proud APPROVED AND ACCREDITED Business of the Greater Atlanta Better Business Bureau (BBB) and the Georgia State President of the Real Estate Staging Association (RESA)

TOP 10 BEST WAYS TO GET YOUR HOME SOLD FAST

Tricks of the trade to help get a sold sign in your yard!

#10  PRICE IT RIGHT THE FIRST TIME
Find out what your home is worth and than take 15% to 20% off the price.  If you do this you will be stampeded by buyers with multiple bids even in the worst markets!  The idea behind this is buyers will bid up the price and get you where you need to be.
This takes guts and is not for the weak of heart.

#9  HALF-EMPTY CLOSETS
Storage is something every buyer is looking for and can never have enough of.  Take half the stuff out of your closets then neatly organize what's left in there.

#8  LIGHT IT UP
Maximize the light in your home.  After location, good light is the one thing that every buyer cites that they want in a home.

#7  CONCEAL THE CRITTERS
You may think a cuddly dog would warm the hearts of potential buyers, but you'd be wrong.  When you have a showing bring Fido to the park during the showing. Your pet will love you for it and so will your new buyer!

#6  DON'T OVER UPGRADE
Quick fixes before selling always pay off.  Giant makeovers not so much.

#5  TAKE THE HOME OUT OF YOUR HOUSE
Buyers need to be able to see themselves in your home.  The more personal stuff in your house the less buyers can imagine themselves living there.  So take that 3 X 6 foot picture of you mother in law down from the mantel and put up a picture of  Vincent Van Gogh Sunflowers!

#4  PLAY THE AGENT FIELD
Make sure you have a Broker/Agent who is totally informed.  How can they advise you on something they don't know?

#3  THE KITCHEN COMES FIRST
Kitchens sell homes!  If there is one room you need to upgrade it your kitchen.  Yes you need stainless, natural stone counter tops, upgrade cabinets, hardwood floors.  I know you love the shag green carpet in your kitchen but not all buyers have the same sophisticated tastes you have!

#2  ALWAYS BE READY TO SHOW
Your house needs to be "show-ready" at all times.  Don't leave dishes in the sink, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there is no dust bunnies in the corners or spider webs. 

#1  THE FIRST IMPRESSION IS THE ONLY IMPRESSION
You never get a second chance to make a first impression.  Your home is on stage and must preform at it's best every time!  Follow these steps and your home will have the best chance to sell fast!

Related articles by Zemanta:

• Making Your House More Attractive to Buyers
• Consumer Protection for Selling a Faulty Home
• Kitchen Tune-Up Offers Tips for Home Sellers to Maximize Value with Kitchen Remodels
• Staging Your Bathroom
• For More Selling Tips CLICK HERE
• For More Ideas on How to Sell Your Vacation Home CLICK HERE

 

Kellie Morrissey, MA, CRS, GRI, CDPE

The City & Mountains Group

Real Estate Broker

Cell 303.877.2813

Fax 720.266.6479

Keller Williams Realty Success,

LLC 10026 W. San Juan Way Suite 200 

Littleton, Colorado 80127

We would be honored if you visited our website to find 'just the right' home: www.CityandMtnsGroup.com

 

You can make a difference - you have 30 days to comment against FHA's proposals

 

With a difficult economy and possibly some new FHA mortgage changes coming in the new future, this could be time to make your voice heard. HUD made this announce back in January 20th, 2010 - FHA announces policy changes to address risk and strengthen finances - I parlayed this announcement into layman's terms. - FHA loans and some possible mortgage changes.

 

So now, FHA just announced that there will be a 30 day period for comments on these issues described above.  These proposals are designed to limit the risk in regards to the Mutual Mortgage Insurance Fund and at the same time, trying to promote sustainable homeownership for FHA borrowers.

 

 

 

The 3 possible changes to FHA Loans :

 

1. Changing the combination of credit scores and downpayments. You will need a credit score of 580 or above to still be eligible for the regular 3.5% downpayment. If below 580, you will be required to put 10% down. And FHA loans will not allow any loans with credit scores below 500.

My opinion :  I am not concerned with this proposal. Most lenders require credit scores of 620 or higher on FHA loans. I wrote about it here. - FHA home loans have no minimum credit scores - So FHA, you can have this one.

 

2. The reduction of seller concessions from 6% to 3%. Many of us know that this could have a huge impact on many different housing markets.

My opinion : I truly think this could affect those buying homes from $150,000 and below. Especially those homes prices at $100,000 and below. That would mean on a $100,000 home, the buyer could only get $3,000 of help towards closing costs. - FHA, since I gave you #1, I want #2, and keep it at 6%. Update... keep this in mind - If a borrower has to come up with more money now, what does that do to their cash reserves in many cases.  In troubled times, does this mean that they will default quicker now?

 

3. To tighten FHA underwriting standards for manually underwritten loans. FHA's purpose would be when using compensating factors while underwriting, lenders will be required to consider those factors which would be best predictive indicators of the performance of the loan.

My opinion : I guess I would have to wait for a better explanation letter in the mortgagee letter, if this is approved.  You already are required top have compensating factors when manually underwriting a FHA loan, making sure that the loan will perform. I just think this is FHA's way of saying that they want underwriters to be more critical when approving a loan and to have more solid compensating factors. Ex. Instead of making sure that your borrower had 2 months in reserves (money left over after closing to cover 2 mortgage payments), that they would like to see 6 months. Who really knows on this one. Could be more political chit chat.

 

 

 

Conclusion : As I mentioned above, I am not worried about numbers 1 and 3. But number 2 could have an impact on the housing market in many areas. On the positive side of things, HUD could have increased the down payment to 5%. This was talked about in congress several times, but shot down. Talk of FHA loans raising the down payment to 5%. -  Here is the argument about why some want more money down. The FHA argument - I want more skin in the game.

 

 

Where and how to comment :

Regulations.gov - (main site) please to search for government proposals.I give the specific page below, where to comment.

 

Here is the link to the different proposals and FHA's reasoning's for such proposals. Federal Register for HUD changes and the reasons why. If you go to the middle of the first page, you will see how they explain the different ways to comment. They highly suggest doing it electronically, which I mention below.

 

 

CALL to ACTION : Send this to other agents and loan officers.  Don't hesitate to reblog this, to get the message out.

 

Here is the actual page to go and make your comments - Comments for reduction of seller concessions and new loan to value with credit scores - Click submit a comment which is on the right side of this page, in blue.

 

 

 

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

     I think that one of the things that went horribly wrong a while back (hard to pinpoint an exact starting point) was when people started thinking of their houses as “investments.”

     Now I am no economic genius----they are all in the other Washington----and I certainly am no expert in the sales side of real estate either---even though I was a decent builder in my day.  I read a statistic somewhere that claims that over the long haul, a home’s value stays relatively flat-----after adjustments for inflation and all that.  So how did people get persuaded to jump on the “investment bandwagon?”

     Once on board though, it makes sense that they would now be so upset with the huge supposed loses that have resulted in the most recent downturn. 

     Nobody likes to be a sucker.

     So if a house is not a good “investment” what is it and why would anyone buy one?

     Mainly because it is a “HOME.” (And that is not to say that a rental could not also be a home.)

     Here is a short list of what makes a house a home as opposed to an investment (I am sure you can think of other things to add and are encouraged to do so in your comments).

1.      You can paint it whatever color you choose (in most cases).

2.      You can remodel it any way you choose (with proper permits of course).

3.      You don’t HAVE to mow the lawn or you can mow in either a diagonal or horizontal pattern (in most cases).

4.      You can punch holes in the walls and you don’t HAVE to fix them (there is no damage deposit).

5.      You can let the toilet leak until it falls through the floor.

6.      Being able to fart at will.

7.      You can change your own damn furnace filter.

8.      You can turn your whole yard into a vegetable garden if you want (in most cases).

9.      You can plant a cherry tree.

10.      You can cut down that 40 foot tall tree that you are afraid the airplanes might hit.

     Now here are a few things that also make a house a home----although ownership is not required.  And this list is also an “investment” albeit a more valuable asset than what “investment” has come to mean.

1.      A place to chase the old lady or old man around in, which results in:

2.      Having babies in them.

3.      Raising babies in them (translate to:  a place to change diapers and feel the babies smiles----not all smiles mean they have gas).

4.      Fixing the windows the babies kick soccer balls through.

5.      Sending the babies off to college or war.

6.      Grieving the loss of a parent.

7.      Grieving the loss of a child.

8.      Grieving the loss of a spouse.

9.      Divorcing the old lady or old man you chased around the house.

10.   Discussing politics, religion and food.

11.   A place to be a believer.

12.   A place to be one that does not believe.

13.   Thanksgiving Dinner.

14.   Getting wasted (you pick your poison).

15.   Watching television (could be included in #11)

16.   A place to be sick.

17.   A place to be taken care of when you are sick.

18.   A place to care for sick people.

19.   Eventually a place to change your own diaper; and finally:

20.   Something to pass on to your kids (by then they will KNOW it is not a “monetary investment” but is actually their own personal money-pit---but they will take it for the memories).

     When all is said and done----a home becomes a collection of memories that gets embedded in the structure of the house that forms its character over time----a social investment that can be read in the worn floors, the nicked door jambs and the stains on the ceilings.

 

Charles Buell, Seattle Home Inspector

 

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Click on the Rose to check out: AHA!---A Forum of Landmark Proportions---your Group

PS, for those of you that are new to my blog (or for some other "unexplained" reason have never noticed)all pictures and smiley-face inserts (emoticons) (when I use them) have messages that show up when you point at them with your cursor.

DeCroe, is my "ethereal" home inspector assistant and occasionally flies into my blog and other people's blogs to offer assistance. To find out more about her beginnings just click on Raven.